Embodiments of the present invention relate generally to payment systems. More specifically, embodiments of the invention relate to systems and methods for funding transactions using value exchange.
Increasing numbers of consumers are shopping on line using computers, personal digital assistants (PDAs), cell phones, and the like. Similarly, the variety and numbers of goods and services available on line is increasing substantially. The wide variety of items available coupled with the nature of the shopping experience provide numerous opportunities for improving the processes for paying for purchases on line.
For example, many items available for purchase electronically (e.g., ring tones, single play songs, etc.) have a very small price. In fact, many people believe that more items would become available if convenient systems were in place for consumers to pay in fractions of cents. Individual transactions, however, have generally fixed overhead costs that make these so called “micropayments” impractical.
For at least the foregoing reasons, systems and methods are needed that simplify transaction settlement, especially electronic transactions having values less than one cent.